180 Life Sciences Corp (ATNF) experienced a rollercoaster ride on Wednesday, with its stock plummeting 5.08% during the trading session, despite a significant pre-market rally. The volatile movement comes in the wake of major news regarding the company's rebranding and high-profile investor involvement.

Earlier in the day, 180 Life Sciences shares surged 57% in pre-market trading, extending a massive 206.6% rally from the previous session. The initial excitement was fueled by news that the company is rebranding as ETHZilla, an Ethereum-focused corporate treasury vehicle. Adding to the buzz was the revelation that Peter Thiel, the billionaire tech investor and co-founder of PayPal and Palantir, is part of an investor group holding a 7.5% stake in the company, according to a new SEC disclosure.

However, the enthusiasm seemed to wane as the regular trading session progressed, leading to a 5.08% decline. This sharp reversal could be attributed to profit-taking by early investors or growing skepticism about the company's dramatic pivot from life sciences to cryptocurrency. As 180 Life Sciences transitions into its new identity as ETHZilla, investors will be closely watching to see how this strategic shift unfolds and impacts the company's future performance in the volatile crypto market.